Negotiators at the COP29 climate talks in Baku, Azerbaijan, face mounting pressure as a fresh draft deal released on Thursday highlights the persistent divide between developed and developing countries over climate finance.
The streamlined 10-page text recognizes that developing nations require at least $1 trillion annually to tackle the climate crisis. However, it falls short of specifying how much wealthy nations are willing to provide or how these funds will be disbursed—issues that have left talks deadlocked just a day before the conference’s scheduled conclusion.
For Nigeria, the stakes are particularly high. As one of the African nations grappling with the devastating impacts of climate change, including recurring floods and desertification, the absence of a concrete financial commitment poses significant challenges.
Nigeria’s Minister of Environment, Balarabe Abbas Lawal, has been vocal in calling for justice rather than charity from wealthier nations.
“Our communities are suffering because of emissions we didn’t create. This draft lacks the concrete figures and guarantees needed to deliver justice for countries like Nigeria,” Lawal said.
The minister has repeatedly emphasized the need for grants, not loans, to avoid further exacerbating the country’s debt burden. The push for $1.3 trillion annually in global climate finance reflects Nigeria’s position, as well as that of other African nations, that adequate resources must be made available to both mitigate and adapt to the climate crisis.
What the Draft Says and What It Means
The draft deal encapsulates the contrasting positions of developed and developing nations but offers little in terms of bridging the gap. Developed nations tasked with providing climate finance under international agreements have yet to meet the long-overdue $100 billion annual pledge.
Meanwhile, developing countries, including Nigeria, are demanding far more ambitious commitments to fund transitions to renewable energy and build resilience against climate disasters.
Ali Mohamed, chair of the African Group of Negotiators, underscored the frustration felt by many African nations: “The elephant in the room is the absence of a concrete number. This is why we are here, but we are no closer to resolving it,” Mohamed said.
What’s at Stake for Nigeria?
For Nigeria, the outcomes of COP29 are critical. The draft leaves unresolved the type of funding—grants versus loans—a key issue for Nigeria and other nations wary of worsening their debt burdens. Nigerian leaders have joined calls for a financing mechanism that prioritizes grants, ensuring that funds are accessible and equitable.
With the clock ticking, the draft will serve as the basis for what are expected to be intense negotiations in the coming hours. Whether Nigeria and other developing nations will secure the commitments they need remains uncertain.
For now, the draft represents a pivotal moment, reflecting both the progress made and the significant gaps that remain in addressing one of the world’s most pressing crises.
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